Dec 9 Department store operator Sears Canada Inc
reported a bigger third-quarter loss as it
same-store sales were hit by a lack of attractive financing
options due to the termination of a key credit card agreement.
Sears terminated its credit card marketing and servicing
agreement with JPMorgan Chase Bank in November last year.
The company said Billy Wong, its interim chief financial
officer since July, would take over the CFO role on a permanent
The company's net loss widened to C$120 million ($91.09
million), or C$1.18 per share, in the quarter ended Oct. 29 from
C$53.2 million, or 52 Canadian cents per share, a year earlier.
Sears Canada's same-store sales fell 7.1 percent in the
quarter, while overall revenue tumbled 21 percent to C$625.2
($1 = 1.3174 Canadian dollars)
(Reporting by Vishaka George in Bengaluru; Editing by Saumyadeb
Chakrabarty and Anil D'Silva)